Wait for a correction | 19 June 2020

Technical observation

GBP penetrated below the zone 1.2497-1.2479 with a big red candle and is currently trading below the zone with an increasing bullish momentum. I expect this bullish rally to continue to the zone 1.2497-1.2479 followed by a rejection within it for a surge to the lower side to the key level 1.2225. My advice, wait for a pullback to resistance zone 1.2497-1.2479 and a rejection within it to sell GBP with your take profit at 1.2225 and stop loss at 1.2561. In case the break below 1.2497-1.2479 was false and price breaks above it, you can pick long positions within the zone after a correction to it and a bounce.

Trade recommendation

Wait for a correction to the zone 1.2497-1.2479 to sell GBP.